Marketplace Analytics Visualization: Reveal Data That Matters

“Visualizations act as a campfire around which we gather to tell stories”

Al Shalloway

Today we want to tell you a story about data visualization as a feature for your online marketplace. You will learn about benefits of data visualization for your marketplace analytics, what metrics to visualize, how to present them, and what tools to use for data visualization including our own open-source analytical and reporting solution for MongoDB- Databazel

What data visualization is and why it's important

Generally speaking, data visualization is a presentation of a big amount of data in the visual form. Depending on the type of data, it can be presented in bars, columns, charts, line graphs, sunbursts, etc.

Data visualization allows you to dig deeper and discover the hidden gems in your data.

It makes the processes of analysis, comparison, search of relationships, and progress tracking more comprehensive and effective.

As the result, you make better data-driven decisions, track the performance metrics, analyze the areas that need improvement, and get insight into your customers behavior.

Benefits of data visualization for your marketplace KPI analytics

When it comes to the multi-vendor marketplace, the way you arrange and analyze data directly influences your marketplace performance.

When you have all the data at your fingertips, it is much easier to see the gaps that should be filled or the areas that can bring you more revenue and customers.

Here are the perks data visualization will bring to your online marketplace business.

Faster information processing

Our brains process the information easily if it is structured and organized in a convenient way for us. As a result, you can focus on one area without getting distracted by things that don't matter at the moment.

Customers analysis

Data visualization will help you to identify your clients, track their behavior, compare their interests, age, buying preferences, budget, etc.

Sales analytics tracking and comparison

You can easily track, analyze, and compare the transactions made via your marketplace.

Constructive data presentation for service providers

You can offer data visualization as a feature for service providers that list on your marketplace. It will give them an opportunity to improve their services and increase the number of customers and transactions.

Interaction with data

Most of data visualization tools allow you to interact with charts, resize, place them in the convenient way for you and share them with your team.

What metrics are important for the marketplace

Marketplace data varies for marketplace owner and service or product providers. Each of these segments needs different analytics. Let's review the metrics that come in handy.

Data for service providers

Number of buyers per day/month/year

Activity tracking per day/month/year

Customer liquidity (probability that a visit will lead to transaction)

Profit by countries/cities

Repeat purchase ratio

Revenue from buyers

Number of orders per buyer

Analysis of customer segments

Market conditions and trends

Data for marketplace owner

Number of listings on the marketplace

Listing growth rate

Provider liquidity (percentage of listings that lead to transactions)

Total sales value of the products or services sold via your marketplace

Tracking the steps user takes before buying

Customer acquisition cost (how much money you spend on new customer e.g. customer support or paid ads)

Seller growth rate

Revenue by location, market, acquisition channel or time

Take rate (percentage of the Gross Merchandise Value retained by your marketplace)

Data visualization tools

Apiko has developed the analytical and reporting solution that allows to visualize data for MongoDB by creating charts, reports, and graphs. This is the open-source tool and our developers are currently working on it. It is flexible, so we can add tailored features depending on the specific needs of your company.

Databazel natively connects to MongoDB and presents the results in a visual dashboard reporting interface. It also allows you to control, analyze, and share your reports in real time.

Its main features include:

Connection of a database to the app (you can add more than one database if necessary)

Resize and place saved charts and tables any way that is convenient for you

Share the interactive dashboard with your colleagues via URL

Invite new users to work on your dashboard

Ability to check the SQL-like query to MongoDB

Databazel allows you to analyze all the important metrics of you marketplace mentioned above, such as profit by different dimensions, product and profit correlation, customer segments, product categories, sales tracking, etc.

ReDash is an open-source tool that allows you to connect to your data source, convert the data into visualizations, share with your team, create dashboards, and interact with the data without writing SQL queries.

RJMetrics is a business intelligence tool for e-commerce that enables you to get insights into your Magento. With RJMetrics you can track and analyse the deep analytics such as cohort analysis, churn analysis, marketing ROI, e-mail segmentation, holiday performance, etc.

To wrap it all up, marketplace analytics visualization will turn your data into the mine of discoveries and insights. It will help you to deepen your analysis, and, as the result, improve the strategy and fill the gaps if any.